Nomination of Janet Louise Yellen (Cong. Rec., Jan. 25, 2021)
Summary
This is S119 of the Congressional Record, Senate, January 25, 2021, with interleaved columns. The page opens with the end of remarks, by a Senator from Tennessee whose name is not printed in the text read, criticizing unilateral policy changes on day one, including the Keystone XL order. Under the heading Nomination of Janet Louise Yellen, Mr. Wyden urges the Senate to confirm Janet Yellen, former Chair of the Federal Reserve, as Secretary of the Treasury, saying she has already been confirmed four times for key economic positions. He says she warned against going small on economic relief and that the Finance Committee approved her nomination unanimously on Friday morning. The views are attributed to the speakers.
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“Nomination of Janet Louise Yellen (Cong. Rec., Jan. 25, 2021).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2021-01-25-crec-2021-01-25-pt1-pgs119-f2632b1cd5/
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January 25, 2021 CONGRESSIONAL RECORD — SENATE S119
very high expectations of what this For similar reasons, I came out in op- These tradeoffs many times are just
Congress is going to be able to accom- position to rejoining the Paris climate too destructive to say yes to. I would
plish, and they also have high expecta- accords and reversing our course on the encourage all of my colleagues to look
tions for this administration. What departure from the World Health Orga- at the compromises the President is
they are doing is looking there, and nization. asking each and every one to make,
they are saying: Politics and politi- For me, this is isn’t about politics. It not just in terms of what we stand to
cians are not what this is all about. is about the policies this new adminis- gain but what is going to be the cost.
They don’t necessarily matter. Policies tration has decided to unilaterally say What is the monetary cost?
matter. yes to—without consulting Congress, What is the cost of freedom?
And, as my colleague is saying, main- without including the people in the dis- What is the opportunity cost that
taining the filibuster rule in the Sen- cussion. will be delivered to the American peo-
ate allows robust, respectful debate so And just so we are all aware, Presi- ple in order for the administration to
that we arrive at a sense of com- dent Biden said yes to more unilateral have their way, to get their income?
promise and we do what is best for the policy changes on day one than any That is the question we should each
American people. President in our Nation’s history— ask: What is the cost to the American
Today, I was talking with one of our more than any President in our Na- people in order to protect them, in
Tennesseans, and they were talking tion’s history. order to meet the expectations that
about that it doesn’t matter what is The Biden administration looked at they have? We should be listening to
being said on social media—on Twitter those new policies and decided that the the people. These policies are about
or Facebook or Parler or any of the so- result—achieving that outcome—was them.
cial media platforms—that when you worth whatever it would cost the I yield the floor.
strip it all away, good policy is good American people to get it. The PRESIDING OFFICER. The Sen-
policy, and that is what matters. Good So over the next few weeks, we will ator from Oregon.
policy is good policy. It is good for the also be examining the President’s Cabi- NOMINATION OF JANET LOUISE YELLEN
people, and that is where the emphasis net picks to get a sense of the tradeoff Mr. WYDEN. Madam President, it is
should be. they will be willing to make. a pleasure tonight to be making the
So when I say they have high expec- Safety is at the forefront of every-
case for Janet Yellen, former Chair of
tations, I don’t only mean that they one’s mind back home in Tennessee—
the Federal Reserve, to be the next
want good policies; they want this to not just safety from COVID but from
Secretary of the Treasury. It is an aw-
focus on them. They want it to focus the bad actors and the foreign adver-
fully easy case to make.
on their concerns, their communities, saries who continue to show us just
Chair Janet Yellen deserves to be in
their schools, their right to feel secure, how far they are willing to go to under-
the Senate confirmation hall of fame.
their right to enjoy free speech, their mine us on the world stage. Back in
She has already been confirmed four
right to pursue their happiness, their Tennessee, we have a saying: When
times for key economic positions. To-
American dream, and their right to cel- somebody shows you who they really
night, the Senate can deliver an espe-
ebrate and protect life. It is about are, you better believe them.
And I will tell you that they are pay- cially important economic judgment:
them, not politicians, not politics. It is Confirm Janet Yellen a fifth time and
about the American people. ing attention, and I will tell you that
they are not very impressed right now know that she will work with every
From their perspective, we can spend
with some of the so-called soft talk single one of us to get our workers, our
hours debating the budget or immigra-
that they are hearing on proposed poli- small businesses, and all Americans,
tion reform or data privacy—which I
cies toward Iran and the communist re- from sea to shining sea, back on solid
will talk more about later this week—
gime in China. economic footing.
as long as at the end of the day, what-
This is why I chose not to support Tonight, I am going to spend just a
ever compromise we reach not only
the confirmation of our new Director of few minutes discussing several impor-
meets their needs but recognizes that
National Intelligence, Avril Haines. I tant matters we learned from Chair
the people are the most important part
also had some pretty tough questions Yellen’s confirmation hearing. First,
of this entire equation—the people.
Every Member of this body under- to ask Secretary of State Nominee Chair Yellen is an exceptional econo-
stands that when the balance of power Blinken about some of these same mist who has a rare gift. She can take
shifts, sometimes that means that the issues dealing with Iran, dealing with complicated economic theories and put
guy across the aisle is going to get the China. Many of the proposals that I am them into understandable language, all
upper hand. Things change, but it hearing from them have sounded while showing a real heart for the mil-
would be a mistake for my colleagues strangely familiar from years gone by. lions of Americans who are hurting
on the other side of the aisle to assume We don’t have to look overseas to through no fault of their own.
that that means we are willing to set find some very real policy differences I asked Chair Yellen at her confirma-
our priorities and our principles aside. between what Tennesseans have said tion hearing: What will give Americans
It doesn’t mean that we are going to they expect and what the Biden admin- the most bang for the economic recov-
submit to their agenda. It doesn’t istration is signaling that they want to ery buck? And Chair Yellen simply
mean we are going to conform to their deliver. walked through the priorities, particu-
agenda. It means we are going to stay In his hearing before the Commerce larly going to bat for our small busi-
true to our principles, represent our Committee, Transportation Secretary nesses. I come from a State where we
States, and work—work diligently—for Nominee Pete Buttigieg signaled to the have only a handful of big businesses.
what is going to be best for the people. panel that he would put the adminis- We are an overwhelmingly small busi-
We may have had a changing of the tration’s environmental goals ahead of ness State. At her confirmation hear-
guard here in Washington, but it some very basic changes to Federal ing, she spoke clearly about those
doesn’t mean that any of us has set policy that would lighten the regu- small business needs, and she talked
aside the promises that we have made latory load on the county and city about the concerns she has for innova-
to the people we represent, and that is mayors trying to get their transpor- tive and important approaches to ex-
why I came out so strongly against the tation projects off the ground. panding unemployment benefits to
Biden administration and the Presi- As I told him, many times the regu- make sure that we are meeting the
dent’s Executive order that really lations at issue don’t just slow the needs of our people. She also focused on
crushed the jobs and the potential for projects down, they kill the project and reducing hunger and approaches that
energy security that came with the that town’s prospects for growth, for a will help stretch anti-hunger dollars.
dlhill on DSK120RN23PROD with SENATE
building of the Keystone XL pipeline. better life, for people in the commu- Second, Chair Yellen knows that it
This was a project that had achieved nity. Hopefully, he is going to keep in would be a big mistake for the Con-
bipartisan support, and what are we mind what it means to these mayors gress to go small on economic relief.
seeing now? Lost jobs, lost livelihoods, the next time he is asked to consider She is acutely aware of what happened
more money being taken out of the the benefits of removing unnecessary in 2009, when the government took its
taxpayers’ pocket. redtape. foot off the economic gas pedal too
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S120 CONGRESSIONAL RECORD — SENATE January 25, 2021
soon, and recovery was compromised as best ways you can do it is to confirm proposition that a nurse who is treat-
a result. She also understands that someone who is eminently qualified, ing COVID patients and paying taxes
emergency economic relief, like unem- Chair Janet Yellen, to be Treasury Sec- with every single paycheck should not
ployment compensation, needs to last retary. find themselves in a disadvantaged po-
as long as the emergency. It cannot be As I touched on, we are looking at sition when compared to billionaires
tied to arbitrary expiration dates, working with her on a host of key eco- who, in effect, do no such thing and can
where potential political agendas come nomic issues. As I have said as the new postpone and postpone and postpone
before human needs. There is a reason chair of the Finance Committee, my paying their taxes.
why the Finance Committee approved first priority will be to make sure that Now, there is a lot of work we need to
her nomination unanimously on Friday this Congress does not commit again do to repair the 2017 bill. The previous
morning. I touched on some of those the mistake of 2009. administration actually increased the
factors, and I am going to amplify a In 2009, the sense was, well, maybe we incentives for corporations to ship jobs
little bit. are getting there on economic recov- overseas. I want to fix that mistake. I
For example, nobody deserves more ery. We will be able to come back later want to work with Secretary Yellen on
credit than Chair Yellen for the longest if maybe we didn’t do enough. Well, we energy policy because so much of it
economic expansion in American his- all know that a missed opportunity is a deals with the Tax Code.
tory. It lasted until the pandemic hit. missed opportunity, and, in 2009, the Suffice it to say, those are just some
As Federal Reserve Chair, she led an Congress said, All right. We can take of the challenges Chair Yellen will face
important change to the status quo in our foot off the gas now. It was too when, I believe, she is confirmed to-
economic policy. Previously, there had early, and there wasn’t any next effort night as Treasury Secretary. She is su-
been too great a focus on inflation and to make up for the damage. I am com- premely qualified—a member, in my
deficit. Chair Yellen said: Let’s zero in mitted to making sure that doesn’t view, of the Senate Confirmation hall
more on unemployment, income, and happen again. Suffice it to say, it took of fame—and a proven economic policy-
inequality, and she believed that the
71⁄2 years for the unemployment rate in maker.
economy could run a bit hotter. The Finally, I say to my colleagues on
Oregon to return to its prerecession
record shows that the Yellen approach both sides of the aisle, it is long past
levels.
was right on. Unemployment went This time around, the Congress has time to have a woman lead the U.S.
down, wages went up, and a lot of peo- been warned. The warning I am giving Treasury Department. Chair Yellen has
ple were better off than they were be-
about making sure that Congress my full support.
fore. That is exactly the kind of think- As colleagues come for this vote—and
doesn’t take its foot off the economic
ing America needs again because con- it is a significant economic policy vote,
relief pedal too soon is not the first
fronting the COVID economy is ham- make no mistake about that—I would
warning. Chair Powell, for example,
mering working families, in particular. just ask my colleagues to reflect on the
made it clear that the biggest danger
Again, another clear reason why Janet
lies in not doing enough. fact that Chair Yellen was approved by
Yellen is the right pick to be the next
Increasing relief checks to $2,000 is the Finance Committee 26 to nothing.
Treasury Secretary.
key. The Congress needs to increase Sometimes I say about this place—I
The most recent economic data
shows that 1.4 million people nation- and extend unemployment benefits for have questions about whether you can
wide had filed new claims for unem- the entirety of the COVID crisis, and get a simple decision like ordering a
ployment benefits in the last full week you do that by, in effect, tying the ben- sandwich decided on a 26-to-nothing.
of the previous administration. So it is efits to the real world, to economic She was approved unanimously because
not hard to figure out what that conditions on the ground. That has she gives public service a good name.
means. It is an economic catastrophe. been my proposal for some time. Other I urge my colleagues to support
It is more than twice the highest figure colleagues have long advanced similar Janet Yellen for Secretary of the
from any single week in the great re- ideas. It is not a revolutionary propo- Treasury when we vote in just a few
cession. That means 1.4 million peo- sition to say that emergency relief minutes.
should last as long as the emergency. I yield the floor.
ple—so, so many working families—are
Simply stated. And it should not be The PRESIDING OFFICER. The Sen-
suddenly walking on an economic
held hostage by the arbitrary political ator from Kansas.
tightrope every single day, balancing
agendas of Members of Congress. TRIBUTE TO RYAN D. MCCARTHY
the food cost against the fuel cost, the
fuel cost against the rent bill, worried If you don’t do it, dysfunction and Mr. MORAN. Madam President, I
about finding a new job, getting a gridlock in Congress creates still more want to visit this evening on the Sen-
badly needed shift at work, falling be- havoc for people who have done noth- ate floor and take this opportunity to
hind on rent or the mortgage, feeding ing wrong and just need help. A decade recognize a public servant, a leader,
their kids, paying the electric bill, pay- ago, that help went away too quickly our former Secretary of the Army, the
ing medical bills—worried that the because benefits expired arbitrarily, Honorable Ryan D. McCarthy. Sec-
economy is headed in reverse and wor- and Congress did not keep up with ex- retary McCarthy led our Nation’s
ried about whether the Congress will be tensions. The Congress needs to do bet- Army from September 30, 2019, to Janu-
gridlocked. ter, and I believe that should include ary 20, 2021, and during that time, he
The country lost 140,000 jobs last important upgrades as well to unem- made it a more modern, agile, and le-
month. My home State lost more than ployment insurance, which was created thal fighting force.
25,000, in part because the Senate, in in the last century. I don’t think it is We have worked together on a num-
something that just defied common too much to say we at least bring this ber of projects for Kansans and those
sense, waited around for the recovery critical safety net program into the who serve or have served our Nation
to peter out before passing any more relevant century. during his tenure as Secretary, Acting
relief. Thousands and thousands of Now, sometimes these programs look Secretary, and Under Secretary of the
neighborhood restaurants and bars and a little rusty in the modern economy. Army, and I have grown to consider
mom-and-pop businesses have been Sometimes it is because of outright him a good, solid friend.
shuttered. Nearly 11 million workers sabotage. But workers suffer, particu- One of my most memorable experi-
are out of a job. Another 4 million larly Black and Hispanic workers. So ences in the Senate was visiting the 1st
Americans have fallen out of the labor there are steps that need to be taken, Infantry Division soldiers in Germany
force entirely since this time last year. in addition to modernizing the bene- and Poland—soldiers who come from
Unless the Congress acts boldly and fits, increasing base benefits, bringing Fort Riley, KS—with the Secretary,
dlhill on DSK120RN23PROD with SENATE
quickly with more relief, the damage all workers into the system, and ensur- followed by our trip to Afghanistan to
from the COVID economic crash will ing it can hold up in a crisis. meet with troops on the frontlines in
long outlast the pandemic itself. That Finally, Chair Yellen had some im- the global War on Terror. Those visits
must not be allowed to happen. portant comments on fixing America’s marked the beginning of our friend-
The key, of course, is for the Senate broken Tax Code. I will tell you, ship, and since then, I have appreciated
to get down to work, and one of the Madam President, I start with the his guidance and his support during his
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